Transferring your Phoenix Life pension - beware!

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shel7's review of Phoenix Life Insurance www.phoenixlife.co.uk

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“Transferring your Phoenix Life pension - beware!”

Written on: 16/05/2022 by shel7 (1 review written)

I have had my policy since 1989 and it has hardly made any profit given the longevity. My pension was worth £9,973.03 on 22nd Nov 2021, it went down to £9,473.74 by 8th April 2022 so I requested to transfer this pension Fund to the People's Pension on that day. I called PL for a second time on 16/05/22 and they still haven't transferred the funds, claiming that they didn't receive the documents. I live near Romford so I asked if I could go to their premises today to sign the papers but they refused saying they are an Inbound Call Centre and do not see customers F2F. However they insisted that they do have premises even though their address is a PO Box.

I now have to wait for the documents to arrive and go through the whole process again which means less funds by the time the transfer takes place; if indeed it ever will.

I planned to move this pension on 8th April knowing full well it could take up to one month before the transfer takes place. I'm now back to square one, having to start the process again today knowing full well that this pension will loose further funds. It doesn't seem to make a profit. My pension is currently worth £9,052 as of 16/05/22.

A financial advisor I spoke to was amazed that PL charges an exit fee of £100. It is unacceptable especially as I have spent so many years with them. There are no benefits or bonuses for this pension, for what I can see?

I invested the same amount of money into another pension with a different company back in 1988 and that pension is now worth £95,000.

For someone who has been with this company for over 30yrs, I can clearly see that staying with PL was a huge mistake.

All I want to do now is to invest my pension elsewhere as quickly as possible.

Can you at least do that for me Phoenix Life? How about using Origo?

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